ProGreen US Inc. (fka PGUS)

[Davis_Elite]

It helps to have the "background" info for the filing - why cherry-pick info to post, presenting a negative view? Background info shows that Jan is doing what he said many months ago that he was going to do. All debt will be taken out with the larger "up to $10M" conventional financing that is coming... any day now. Don't be caught trying to flip and end up without shares, IMO.


From the 8K: https://backend.otcmarkets.com/otcapi/company/sec-filings/12736399/content/html

BACKGROUND



ProGreen US, Inc. (ProGreen) is providing the following background comments regarding disclosures in the Items included in this Current Report.



Convertible Notes Issued & Tangiers Forbearance Agreement



The Company has issued the convertible notes for working capital funding purposes, and intends to secure conventional debt financing arrangements to pay off current short term debt and for development of our Cielo Mar project, although there is no assurance that we will be able to arrange this financing. Tangiers has provided financing for ProGreen over the past several years and has agreed to extend its outstanding note and to also provide a further funding to the Company of $100,000.



Promissory Note issued to AMREFA



The Promissory Note issued to AMREFA is a follow-through action to the Company’s previously announced plan for buying back the Series A Convertible Preferred Stock held by AMREFA, as announced in our press release on March 20, 2017.



Increase in Authorized Common Stock



The Certificate of Amendment filed with the Secretary of State of the State of Delaware on April 20, 2018, is a follow-through action to the Company’s previously announced plan (as described in the Form 8-K Regulation FD Disclosure filed on March 12, 2018) to increase the number of authorized shares of common stock from 950,000,000 to 1,250,000,000 to accommodate required share reserves for a bridge financing. We intend to reduce the number of authorized shares when we do not anticipate any further need for this larger number of authorized shares.